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Category: Uniswap

UniSwap (UNI) gains 35% With Trading Volumes Up by 500%, Is it the China Effect?

Uniswap ($UNI), the largest decentralized exchanged (Dex) saw its native token price surge over 35% in the last 24-hours. $UNI rose from a daily low of $17.77 to a daily high of $25.98 as the trading volume for the token saw a 500% rise. Over the past couple of days, Defi tokens have skyrocketed making

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UNI Price Slides Due To SEC Investigation, In Risk Of Deep Plunge?

The decentralized nature of Uniswap (UNI) will be put to the test. Earlier, it was revealed that the Securities and Exchange Commission (SEC) opened an investigation on Uniswap Labs, the company behind the protocol. Immediately after the news broke out, the price of UNI, Uniswap’s governance token, took a hit and dropped as much as 4%. Meanwhile, the main cryptocurrencies in the top 10 showed strong gains. Bitcoin managed to climb above the $50,000 mark with a 2.7% profit in the daily chart, and Ethereum went north of $4,000 for the first time since May’s crash. ETH trades at $3,986, at the time of writing, with a 6.1% profit. UNI’s price stands at $29,09, and it’s the worst-performing asset in the crypto top 10 by market cap with a 2.1% loss in the daily chart. In the crypto community, many remember XRP’s price reaction to the SEC action filed against Ripple Labs, and two of its executives. At that moment, XRP was the third cryptocurrency by market cap and was following the bullish sentiment in the market. As 2020 was coming to an end, so it did XRP’s upside momentum. The SEC killed the push and XRP plunged, presenting heavy losses for a couple of months. It’s unclear if UNI will follow, up until now the token showed conviction to break above major resistance at $30. The governance token was trading in the $25 – $30 range. Thus, experts claimed that this was the last obstacle before it can drive a fresh rally. UNI’s indicators point to further appreciation but could flip negative/neutral in the coming days. The Relative Strength Index (RSI), an indicator to measure momentum, for the governance token stands at 56.7 or neutral, at the time of writing. In the short term, it seems critical that UNI breaks the $30 resistance. If the rest of the market makes a strong push to previous highs, UNI’s price could benefit. In that sense, Bitcoin and Ethereum performance are critical. Uniswap (UNI) A Battle For The Whole Crypto Industry? The rumors about a possible SEC investigation on Uniswap Labs have been circulating for some time. As NewsBTC reported, the software development studio limited access to certain tokens via the app.uniswap.org domain. Some speculated that this decision was made due to pressures from the Commission. In addition, SEC Chair Gary Gensler seems determined to “put DeFi under a microscope”. Compounds Labs General Counselor Jake Chervinsky comment the following on recent events: (…) it shouldn’t surprise anyone who’s seen Chairman Gensler’s recent comments on DeFi. It also shouldn’t worry anyone too much (yet). An investigation is *not* an allegation of wrongdoing, it’s just how SEC gathers information. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course
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Breaking: US SEC is Reportedly Investigating Uniswap Labs

The US Securities and Exchange Commission (SEC) is reportedly investigating Uniswap Labs, the company behind the popular Decentralized Exchange (DEX) protocol Uniswap. As per a report in the Wall Street Journal, people familiar with the matter revealed that the SEC is looking into user history and how the platform is being used by investors. The

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Uniswap Community Reacts Against The New Proposal, Here is Why

The Uniswap community is debating against a new proposal that favors Flipside Crypto to the tune of $25 million in funding. The funding is for two years, but the arguments against it are numerous. Many DeFi protocols such as Uniswap provide governance tokens for people to participate in core decisions on their network. The recent proposal also passed through the votes of the community. Although, before the vote for the proposal could be concluded, Dune Analytics raised the alarm against it. The Flipside Proposal The proposal states that holders of UNI will get funds from the project’s treasury to give it $15 million in grants. If the whole program succeeds, an additional $10 million will also go to Flipside next year. Accordingly, Flipside will channel half of the grant to bounties for new Uniswap users who want to learn everything about analytics and DeFi as a whole. Related Reading | SushiSwap Narrowly Escaped A $350 Million DeFi Hack, Here’s How The bounties aim at attracting new users and holding them. Flipside anticipates that such a program would raise 900 new members who won’t cash out the bounties but remain in the network. This is not the first of such programs that Flipside is funding. It is funding others such as yearn, Aave, Uniswap. Another thing is that this proposal would enable people to fund the service. Also, some other analytics providers who will be eligible include The Graph and Dune. Flipside To Use Uniswap Governance For Educational Services According to the proposal, Flipside will use half of the grant to run the program. They will pay up to seven staff members full salaries and seven other half salaries from the grant. Then the yield from the program will go into its funding. Also, Flipside aims to use Uniswap’s governance process to become an official provider of continuing education services. It also expects payments for the services. Also, the seven members of the committee will generate 30% of the funds they receive. The daily chart shows Uniswap is falling by 2% as the community criticizes the new proposal | Source: UNIUSD on TradingView.com Another three-member committee will vote for the continuation of the program to another year. All the committees are from Flipside, giving it total power.  With such a structure, a lot of people have raised concerns about the proposal. Before this controversy, one has occurred in July and caused a lot of commotion in the community. The “DeFi Education Fund” proposal and its controversy led another group to launch a new initiative called “Builder-First Legal Activism DAO” by LeXpunK. Related Reading | Why Chinese Banks Are Adding Digital Yuan To Apps? Here’s What You Need To Know Many people voted against this proposal after Dune Analytics raised the alarm. Many people agreed that the proposal wasn’t okay, including Compound CEO John Palmer of PartyDAO and Dharma & Argent wallet teams. However, it seems that it won’t be so easy to cancel the proposal. The people supporting it more are the university blockchain organization since it is about continuing education. In addition, many of the top organizations in Standford, UC Berkeley, Michigan, and Penn have thrown in their support. So, there’s going to be a huge difficulty canceling. Featured image from Pixabay, chart from TradingView.com
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Weekend Roundup: Core DeFi Metrics August 22nd

The decentralized finance (DeFi) ecosystem has had a mixed reaction to the recent upheavals in price trend in the global cryptocurrency industry of late. Amidst the bull and bear actions, DeFi tokens have held strong to their fundamentals, a move that has prevented strong selloffs even amongst the top coins by market capitalization. DeFi Total

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SushiSwap Narrowly Escaped A $350 Million DeFi Hack, Here’s How

The DeFi exchange SushiSwap would have joined the many projects that lost millions to the dubious activities of online hackers. For instance, Poly network lost $600 million in a similar hack one week ago. The good news is that the miscreants have returned many of the assets. It could have been a terrible blow if Sushiswap followed suit with a $350 million loss after Poly Network. Luckily, a white-hat hacker saved the day for the firm. Samczsun, a Paradigm research partner shared the report. According to him, the investigation on the smart contract code for the “BitDAO token sale” started on August 17. Related Reading | Bitcoin Bull Cathie Wood Attracts Big Short Michael Burry To ARK Innovation ETF The sale took place on Sushiswap’s “MISO” platform, a place where developers can launch their new tokens. It was, of course, successful, and the project raised $365 million without issues. But they could have lost everything to hackers due to a smart contract code error. A Brief on Smart Contracts Smart contracts are codes that perform different instructions on the blockchain. These codes are important as they ensure the proper functioning of the dApps (decentralized applications) on the blockchain. These apps span across DeFi protocols and facilitate lending, trading, and borrowing transactions that occur without third-party controls. These codes are supposed to be secure and accurate. But according to the researcher, there was an error in the code that could have helped attackers steal all the money from the token sale. According to him, the issue was way bigger than he thought at first as it could have caused a loss of $350million loss. Fortunately, samcszan discovered this bug and even contacted his colleagues, including Dan Robinson and Georgios Konstantopoulos to check it out too. The three researchers quickly reached out to the SushiSwap team for solutions. After discussing it with SushiSwap and an Immunefi representative, they decided that the sale should be stopped to enable them to fix the bug. SushiSwap Reacts To The Issue Based on the information we got, SushiSwap has disclosed that they didn’t lose any funds to attackers. But the team stated that the sale would stop temporarily to enable them to update the code. The DeFi protocol is very popular and is one of the largest protocols in the sector. SushiSwap is trading in a downward momentum on the daily chart | Source: SUSHIUSD on TradingView.com SushiSwap records a total of $444 million in its trading volume, and users usually make a lot of returns by staking in its liquidity pools. The protocol went live last year 2020 as a Uniswap copycat. But it made a name after launching the native token called SUSHI. Related Reading | Microsoft To Fight Piracy With Ethereum, Introduces Project Argus Luckily, the protocol has avoided a heavy exploit that would have set it back negatively, thanks to the white hat hacker. Featured image from Pixabay, chart from TradingView.com
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Total Cryptocurrency Market Cap Value Surges Across $1.9 Trillion Setting A New Record

The bullish trend in the cryptocurrency market is tolling a remarkable route in the month of August. For the first time since May, the industry is recording a total market cap that is almost $2 trillion. The data from CoinGecko, a crypto data aggregator, indicates that the total crypto market value crosses $1.9 trillion a few days ago. This was after the market hit the mark since May 18. Related Reading | Coinbase Removes USD Coin (USDC)” Backed By Dollar” Statement From July 19, the entire crypto market experienced a considerable surge that pushes the total market value to about $700 billion. Nevertheless, the market is yet to attain its all-time high as of May 11. The value shows a deficit of about $700 billion from its peak of $2.5 trillion. Other Cryptocurrency Assets Reacting To The New Market Trend In the recent recovery trend in the industry, prominent digital assets such as Bitcoin (BTC) and Ether (ETH) are not left out. As a result, these cryptocurrencies have explored their mid-May market cap levels again. As of Monday, Bitcoin records a market value of over $860 billion. CoinGecko reveals that it’s the first time since May 16 for BTC to hit such a limit. The cryptocurrency experienced a main sell-off earlier in the year. This was after Bitcoin became a $1 trillion asset. However, the sell-off triggered the plummeting of the market cap to $560 billion by July 20. The recent rebounce of the BTC price over $45,000 brought over a 53% increase to its market value. Similarly, the global second-largest digital asset by market cap, Ether, is not left out. The cryptocurrency accrued more gains in July since the bear market. The asset had almost an 81% increase from its July 20th value of  $204 billion to $369 billion. After an incredible last week, the crypto market has taken a slight dip | Source: Crypto Total Market Cap on TradingView.com On Thursday, the digital asset passed through a prominent network upgrade. The Ether price moved by 50% in response to the London hard fork. This displays investors’ anticipation of getting solutions to Ethereum’s high transaction fees through the upgrade. Though the crypto market experienced a recent positive turning, some key cryptocurrencies somersaulted in their market cap value. For instance, Binance USD (BUSD), a top-ranking stablecoin by market value after Tether (USDT) and USD Coin (USDC), had a drop.   Total cryptocurrency market cap 90-day chart As listed on Thursday, BUSD couldn’t make it among the top 10 most-valued digital assets. UNI, Uniswap’s governance token, dethroned BUSD from the list. This left BUSD as the 11th-largest cryptocurrency with a market cap of $12 billion. Related Reading | Lionel Messi To Get Paid In Crypto For Joining Paris Saint Germain Recall that this recent growth trend in crypto market value occurs after Elon Musk, the CEO of Tesla, revealed debt to Bitcoin. Musk mentioned on July 22 that SpaceX, his aerospace firm, is indebted to Bitcoin. Furthermore, he announced Tesla’s plan to recommence its acceptance of crypto payments for purchases. Musk explains that this decision was due to the remarkable drop in the percentage of fossil fuel used for Bitcoin mining. It alleged that the previous decision of the CEO in suspending BTC payment to his company was the main contributory factor to the May Bitcoin’s price crash. Featured image from Pixabay, chart from TradingView.com
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Top Exchange Tokens Prints Differing Moves in Current Market Reawakening

The broader digital currency ecosystem is seeing a gradual rewakening with Bitcoin (BTC) inching a slight gain of 1.31% to $47,179.75 after paring off losses for the better part of the weekend. The major uptick amongst the list of top altcoins is Cardano (ADA) whose runup sustenance has stirred its growth to now rank as

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Uniswap Labs Limits Access To Certain Tokens, What It Could Mean For The DeFi Sector

Software development studio Uniswap Labs (UL) announced the restriction of certain tokens via the app.uniswap.org domain. The company claims to be taking part in “creating a better” financial system and has taken the decision after reviewing the regulatory landscape and the actions of other “DeFi interfaces”. The token removed from the domain represented a “very small portion of overall” trading volume on the platform, UL claims. Amongst the restricted tokens is Gold Tether (XAUt), Grump Cat (GRUMPY), iAAVE, iADA, iBNB, sAPPL, sCOIN, and many more related to options, tokenized stocks, and securities from traditional companies. The software studio clarified that the Uniswap Protocol is a separate entity from the interface accessible via the app.uniswap.org domain. (…) It provides unrestricted access to anyone with an Internet connection. Similarly, this action has no impact on the Uniswap Interface code, which remains open source, or the many other portals or locally run instances used to access the Uniswap Protocol. The same clarification was made by Hayden Adams, inventor of the protocol, via his Twitter account. After receiving a lot of criticism for their decision, Adams reminded his followers about the difference between Uniswap Interface, the open-source GPL code, app.uniswap.org, the domain, and Uniswap the protocol. Later, he added that true decentralization “doesn’t mean UL lets you do whatever you want on its website”, but that users can access the protocol via other interfaces. He added: (In my opinion) the Uniswap Protocol remains the most decentralized of the top defi protocols by a wide margin. Why: Non-upgradable and permissionless smart contracts, w/ no admin keys or ability for UNI holders to steal underlying liquidity. Is Uniswap Labs Trying To Prevent A Government Crackdown? Of course, Adam’s statements caused different reactions across the crypto community. Stanislav Kulechov, a founder of decentralized protocol Aave, said that “DeFi front-ends should” be hosted on the InterPlanetary File System (IPFS). In that way, the protocols can be “less dependent on the founding team” and maintain their decentralization. Kulechov also proposed a Bring-Your-Own-Front-End (BYOF) solution that would allow users to download the software into a device to access the protocol. Gabriel Shapiro, General Counselor at Delphi Labs, pointed out the possibility that anyone who forks the Uniswap front-end could receive a lawsuit from the software development studio UL. Shapiro said that the company “like DMCA (Digital Millennium Copyright Act) takedown requests”. In a different post, Shapiro addressed the rumors suggesting that UL and other DeFi projects received subpoenas from the Securities and Exchange Commission (SEC). A few days ago, Senator Elizabeth Warren send a letter to the SEC Chair, Gary Gensler. Warren requested clarity on regulations regarding cryptocurrencies, stablecoins, and DeFi with a deadline set for July 28th, 2021, for Gensler to replied. Many argued that UL decision could be related to that event and to the aforementioned subpoenas. Shapiro doesn’t completely rule out this possibility but claims that they only rumor to be taken with a grain of salt. At the time of writing, UNI and other major DeFi tokens haven’t reacted to these events. Uniswap’s governance token trades at $18,17 with a 4.1% in the daily chart.
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Uniswap, MATIC Price Analysis: July 12, 2021

Uniswap holds onto critical support at the 100 SMA amid a battle to avoid further declines under $20. MATIC price may plunge to $0.73 if overhead pressure keeps surging under $1. The week’s trading in the cryptocurrency market seems to be progressing in decline after buyers lost steam across the board. Bitcoin has a bid

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CoinMarketCap Adds Token Swap Feature Through Uniswap Integration

The popular crypto-data aggregator CoinMarketCap launched a feature integrating Uniswap that facilitates Ethereum token swaps. The network integrated with Uniswap to achieve this feat, and according to the team, they’ll add more networks and decentralized exchanges. 🚀 We’re incredibly excited to see Uniswap integrated natively into @CoinMarketCap 🔥 Token pages now have a “Swap” icon […]
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